...SAN FRANCISCO (S&P Global Ratings) Feb. 8, 2019--S&P Global Ratings assigned its '##+' rating and stable outlook to the proposed $175 million Tennessee Housing Development Agency's (THDA) issue 2019-1 residential-finance-program bonds (nonalternative minimum tax), issued under THDA's 2013 general-residential-finance-program bond resolution (the 2013 general resolution), and affirmed its '##+' rating, with a stable outlook, on THDA's existing debt, issued under the 2013 general resolution. "The rating reflects our opinion of THDA's strong resolution cash flows, sufficient liquid reserves, and very high-quality investments, combined with the very strong credit quality of THDA's single-family, whole-loan portfolio," said S&P Global Ratings credit analyst Jose Cruz. "We believe these strengths are somewhat offset by THDA's elevated Nov. 30, 2018, delinquent single-family loans ratio," Mr. Cruz continued. "While an improvement from 2017, based on our housing finance agencies delinquency survey,...
